Cryptocurrencies can alleviate Africa's banking challenges, Yellow Card says - TechCentral

Cryptocurrencies can alleviate Africa’s banking challenges, Yellow Card says

The lack of affordable and reliable banking services in Africa has, for many years, been the bane of those who have difficulty with online transactions, are concerned with the danger of constantly carrying cash, or simply cannot afford the transfer fees to send money to family or friends.

Chris Maurice and Justin Poiroux founded Yellow Card in June 2016 to help overcome challenges like these, which affect so many people across the continent. Designed to make bitcoin transactions simple, fast, and secure, the company was created to allow Africans to buy and sell cryptocurrencies by instant electronic bank transfer or cash deposits.

Maurice and Poiroux were originally prompted to try to find a better way of sending money when they accidentally discovered that some people pay up to 45% of the value of the money they are sending in transfer fees.

Yellow Card is offering new customers R50 worth of bitcoin upon sign up. Use the referral code TECHCTRL when creating an account here.

Seeking a less costly way of doing so, they discovered how bitcoin could be used to achieve this, and Yellow Card was born. Crypto-based transfers can be much cheaper and faster than traditional bank transfers. Its success at making financial services more accessible and affordable is demonstrated by the fact that it is already operational in 13 countries.

Nine of these – South Africa, Nigeria, Botswana, Zambia, Kenya, Cameroon, Ghana, Uganda and Tanzania – are in Africa. Users also have the option of choosing from one of 14 different languages, 10 of which are African.

The crypto industry on the continent is growing rapidly, with Yellow Card well out in front. The company has, in a short time, become one of the largest crypto exchanges in Africa, with the equivalent of millions of US dollars traded every month.

“Signing up is simplicity itself. Download the Yellow Card app and create an account, after which Yellow Card buys and sells bitcoin directly from and to you, eliminating the need for middlemen or trading fees. More than this, users can also transfer the bitcoin they own on Yellow Card to other Yellow Card users by using their phone number or e-mail address – meaning they do not need to pay a blockchain fee,” says Yellow Card chief marketing officer John Colson.

“Yellow Card also offers a secure cryptocurrency wallet with which users send, receive and store their cryptocurrencies. To buy, you simply ‘instant EFT’ funds into your Yellow Card wallet, select the cryptocurrency and amount you wish to purchase, and your wallet will be instantly credited with the crypto you just bought. To sell, you simply do the reverse: Enter the amount of the crypto you want to sell, confirm, and your local currency wallet will be instantly funded.”

To send money is a similar process. You select the cryptocurrency and amount you want to send, select the destination, and send it to the other user’s phone number, e-mail address or wallet address. Receiving in this manner works the same, just in reverse.

Security remains the biggest concern for users, and Colson is quick to note that this has always been the number one priority at Yellow Card. The company has the most up-to-date security on all its systems, to ensure its users’ money or cryptocurrency is thoroughly protected.

“Yellow Card is the answer if you want to buy and sell cryptocurrencies, or even if you merely wish to send or receive crypto to family and friends. Yellow Card offers a secure, simple and fast way to achieve such transfers, while eliminating middlemen and trading fees and replacing these with exceptional customer service,” says Colson.

Yellow Card is offering new customers R50 worth of bitcoin upon sign up. Use the referral code TECHCTRL when creating an account here.

This article is intended for informational purposes only. The views expressed are not and should not be construed as investment advice or recommendations. This article is not an offer, nor the solicitation of an offer, to buy or sell any of the assets or securities mentioned herein. You should not invest more than you can afford to lose and before investing, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary.

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